KLAY Price Analysis: KLAY managed to rake in trading volumes but price failed to rally towards $4.35 April peak

MATIC USD price analysis

TL;DR Breakdown

  • KLAY price achieved dramatic volume gains following listing on Binance exchange. 
  • The coin is still way below April’s peaks of $4.35.
  • The listing saw the coin touch levels above $1.

Klay Price Analysis: General price overview 

New Binance entrant KLAY achieved dramatic gains following listing on the leading exchange. The coin which was only priorly offered across leading South Korean exchanges hit a 2 -month high of  $1.356. This was accompanied by a spike in trading volumes and hit $28.68 million from $13.05 million. Nonetheless, the surging trading volume has done little to pull KLAY out of the April crash that saw it shed 83.45 percent and hit a 6-month low of $0.72. 

In mid-April, the coin was trading across a peak trendline around $4.35. The listing saw the coin touch levels above $1, as both traders and analysts rushed to anticipate a price rally due to the Binance partnership announcement; the majority noticed a death cross on the daily frame chart but dismissed the chances of a downtrend. 

On June 24th, Klaytn’s 50-day simple moving average crossed the 200-day simple moving average, a technical that suggested a high likelihood of a medium-term breakdown. Presently, KLAY is hovering around $0.97, and the 20-day exponential moving average at $1.02. Positive indicators include the RSI and the MACD, both of which are lying within overbought regions. Possibly, selling pressure is receding and the bulls are regaining their grip. 

KLAY price movement in the past 24-hours 

Klaytn (KLAY) bounced back from a downward momentum that occured during yesterday’s close and has sustained an upward momentum since the market opening of the 24-hour trading chart. 

The opening price stands at $0.93. 

While the bears seem reluctant to lose their grip on Klay price movement, a big part of the day has been driven by bulls attempting to break out of the $1 resistance. 

The daily range is quite expanded, with the Bollinger bands moderately wide to indicate high volatility. Buyers have to come in large numbers to counter any pressure around $1.24 – $1.29 where bears are likely to appear due to break-even traders. The daily high stands at $1.01.

KLAY Price
Source: TradingView

KLAY 4-hour price chart

KLAY/BUSD trading pair on the 4-hour chart is trading within a descending channel. The bulls are trying to consolidate from a downtrend below the Bollinger mid-line. Weaknesses seem to be holding the price below higher levels and there are fears of closing way below the 200-day simple moving average. Buyers are advocating to retest the 20-day exponential moving average and now target the next leg of an uptrend towards $1.62.

KLAY price analysis conclusion

Klaytn is an enterprise blockchain on deploying a user-friendly public-private blockchain experience. The blockchain is a product of leading Korean exchange Kakao and will enable enterprises and enterprises to unlock the value of decentralization through the Hybrid design. KLAY is the native token of the Klaytn blockchain. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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